The company maintains a fortress balance sheet with a debt-to-equity ratio of 0.00 and a massive cash position of $43.5 million as of 2026Q2, providing an extraordinary buffer against sector-specific cyclicality.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Total Current Assets | 223M | 206.54M | 192.84M | 178.95M | 162.48M | 166.82M | 161.76M | 156.93M | 145.08M | 137.12M | 123.42M | 112.37M | 110.62M | 108.79M | 102.09M | 95.42M | 99.1M | 96.95M | 101.62M | 96.39M | 67.63M | 63.74M | 22.2M | 19.33M | 41.77M | 47.96M | 85.87M | 93.42M | 105.69M | 95.39M | 69.81M |
| Cash & Short-Term Investments | 155.13M | 136.3M | 115.41M | 101.28M | 98.88M | 118.21M | 125.08M | 115.62M | 112.07M | 110.82M | 104.16M | 95.51M | 94.31M | 92.67M | 84.74M | 74.2M | 76.33M | 61.21M | 58.04M | 55.49M | 37.06M | 36.99M | 550K | 734K | 12.3M | 14.16M | 17.97M | 9.58M | 8.85M | 10.29M | 1.5M |
| Cash Only | 43.46M | 26.59M | 25.48M | 17.03M | 9.58M | 23.23M | 35.58M | 10.3M | 8.01M | 22.93M | 18.22M | 11.15M | 7.19M | 9.56M | 3.36M | 1.72M | 3M | 3.68M | 4.07M | 3.71M | 1.11M | 4.21M | 550K | 734K | 12.3M | 14.16M | 17.97M | 9.58M | 8.85M | 10.29M | 1.5M |
| Short-Term Investments | 111.67M | 109.71M | 89.93M | 84.25M | 89.3M | 94.98M | 89.5M | 105.32M | 104.06M | 87.89M | 85.94M | 84.36M | 87.11M | 83.11M | 81.38M | 72.49M | 73.33M | 57.53M | 53.98M | 51.78M | 35.95M | 32.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 11.48M | 15.34M | 11.32M | 3.98M | 5.11M | 4.53M | 8.4M | 15.44M | 12.89M | 7.95M | 6.03M | 3.27M | 1.79M | 1.2M | 4.65M | 1.57M | 1.98M | 5.68M | 7.53M | 4.86M | 5.74M | 3.95M | 2.52M | 3.34M | 8.51M | 8.67M | 24.13M | 42.14M | 39.41M | 36.47M | 24.65M |
| Days Sales Outstanding | 44.92 | 48.5 | 36.51 | 13.81 | 18.04 | 19.37 | 39.59 | 69.3 | 47.72 | 36.01 | 31.45 | 30.42 | 16.35 | 8.95 | 26.89 | 9.62 | 12.99 | 36.51 | 31.1 | 23.55 | 31.21 | 29.94 | 17.02 | 21.84 | 46.04 | 44.5 | 90.98 | 151.7 | 57.73 | 68.15 | 149.41 |
| Inventory | 51.07M | 53.5M | 63.76M | 71.53M | 55.81M | 41.89M | 27.09M | 25.37M | 18.21M | 16.69M | 11.63M | 12.77M | 13.67M | 14.13M | 11.92M | 12.88M | 17.34M | 22.24M | 35.04M | 34.69M | 22.96M | 19.24M | 16.94M | 12.56M | 19.01M | 23.11M | 41.39M | 39.78M | 50.33M | 46.17M | 41.54M |
| Days Inventory Outstanding | 259.68 | 233.25 | 284.38 | 343.35 | 245.64 | 227.86 | 169.12 | 157.15 | 92.34 | 102.45 | 80.94 | 146.93 | 155.02 | 135.9 | 85.04 | 93.49 | 136.31 | 170.75 | 190.38 | 228.43 | 166.45 | 188.65 | 161.94 | 107.99 | 136.25 | 158.31 | 217.36 | 169 | 109.41 | 117.96 | 340.43 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 690K | 660K | 7.82M | 0 | 0 | 587K | 1.92M | 602K | 1.07M | 0 | 0 | 0 | 0 | 5.54M | 2.47M | 0 |
| Total Non-Current Assets | 16.21M | 16.05M | 15.28M | 16.79M | 16.83M | 12.64M | 9.34M | 8.44M | 7.94M | 5.78M | 5.29M | 7.78M | 7.21M | 8.16M | 8.22M | 8.95M | 8.13M | 8.65M | 9M | 7.83M | 13.34M | 14.27M | 20.62M | 21.3M | 20.42M | 21.63M | 54.08M | 58.52M | 76.36M | 67.76M | 49.25M |
| Property, Plant & Equipment | 11.15M | 11.08M | 11.47M | 13.25M | 13.49M | 11.8M | 8.34M | 8.39M | 7.89M | 5.72M | 5.24M | 6.39M | 7.14M | 8.08M | 8.13M | 8.35M | 7.77M | 8.21M | 8.82M | 7.66M | 12.95M | 13.75M | 11.32M | 11.59M | 15.69M | 16.77M | 33.57M | 35.78M | 43.78M | 38.41M | 36.8M |
| Fixed Asset Turnover | 9.30x | 10.42x | 9.86x | 7.93x | 7.67x | 7.23x | 9.28x | 9.69x | 12.50x | 14.09x | 13.36x | 6.14x | 5.60x | 6.06x | 7.77x | 7.15x | 7.15x | 6.92x | 10.02x | 9.83x | 5.18x | 3.50x | 4.78x | 4.83x | 4.30x | 4.24x | 2.88x | 2.83x | 5.69x | 5.08x | 1.64x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 364K | 379K | 12.02M | 13.11M | 18.06M | 16.12M | 9.11M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 209K | 392K | 383K | 381K | 450K | -1.39M | 102K | -582K | -978K | 53K | 53K | 59K | 68K | 78K | 95K | 602K | -659.64M | -1.29M | -91K | -6.22M | -196K | -1.41M | 8.7M | 8.65M | 4.36M | 4.48M | 8.49M | 9.64M | 14.52M | 13.23M | 3.35M |
| Total Assets | 239.21M | 222.6M | 208.12M | 195.75M | 179.31M | 179.46M | 171.09M | 165.37M | 153.02M | 142.89M | 128.71M | 120.14M | 117.83M | 116.95M | 110.31M | 104.38M | 107.23M | 105.6M | 110.62M | 104.23M | 80.97M | 78.01M | 42.81M | 40.63M | 62.18M | 69.59M | 139.95M | 151.95M | 182.06M | 163.15M | 119.06M |
| Asset Turnover | 0.45x | 0.52x | 0.54x | 0.54x | 0.58x | 0.48x | 0.45x | 0.49x | 0.64x | 0.56x | 0.54x | 0.33x | 0.34x | 0.42x | 0.57x | 0.57x | 0.52x | 0.54x | 0.80x | 0.72x | 0.83x | 0.62x | 1.26x | 1.38x | 1.09x | 1.02x | 0.69x | 0.67x | 1.37x | 1.20x | 0.51x |
| Asset Growth % | 27.83% | 6.96% | 6.32% | 9.17% | -0.08% | 4.89% | 3.46% | 8.07% | 7.09% | 11.02% | 7.13% | 1.97% | 0.75% | 6.02% | 5.69% | -2.66% | 1.54% | -4.54% | 6.14% | 28.72% | 3.8% | 82.22% | 5.36% | -34.66% | -10.64% | -50.28% | -7.9% | -16.54% | 11.59% | 37.03% | 238.9% |
| Total Current Liabilities | 15.61M | 8.81M | 10.6M | 14.16M | 12.39M | 11.39M | 8.51M | 6.49M | 8.49M | 12.37M | 8.19M | 7.4M | 2.96M | 6.04M | 5.88M | 5.58M | 6.17M | 6.85M | 11.33M | 14.05M | 11.89M | 10.36M | 18.44M | 16.52M | 29.24M | 29.67M | 140.67M | 149.74M | 48.28M | 49.67M | 29.95M |
| Accounts Payable | 4.83M | 1.84M | 2M | 3.27M | 4.25M | 3.1M | 1.73M | 1.91M | 1.84M | 1.32M | 1.44M | 1.53M | 947K | 1.28M | 1.88M | 1.98M | 1.37M | 2.34M | 4.44M | 4.13M | 5.62M | 4.49M | 3.48M | 3.45M | 9M | 8.79M | 17.08M | 21.46M | 18.51M | 15.8M | 13.37M |
| Days Payables Outstanding | 13.81 | 8.03 | 8.92 | 15.69 | 18.71 | 16.89 | 10.79 | 11.81 | 9.32 | 8.1 | 10.04 | 17.59 | 10.74 | 12.34 | 13.42 | 14.36 | 10.79 | 17.98 | 24.13 | 27.21 | 40.76 | 44.04 | 33.23 | 29.65 | 64.5 | 60.21 | 89.68 | 91.16 | 40.23 | 40.36 | 109.57 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 786K | 0 | 0 | 0 | 0 | 0 | 0 | 6.26M | 1.5M | 105.87M | 102.11M | 102.55M | 4.8M | 4.23M |
| Deferred Revenue (Current) | 20.68M | 3.89M | 5.02M | 6.82M | 5.86M | 5.24M | 3.85M | 1.92M | 4.56M | 8.63M | 4.48M | 4.42M | 324K | 1.94M | 480K | 756K | 1.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.51M | 1.56M | 0 | 3.39M | 3.58M | 1.44M | 2.25M | 5.47M | 0 | 0 | 0 | 0 | 5.45M | 3.36M | 802K | 0 |
| Current Ratio | 14.29x | 23.44x | 18.19x | 12.63x | 13.11x | 14.65x | 19.00x | 24.20x | 17.10x | 11.08x | 15.07x | 15.19x | 37.37x | 18.02x | 17.37x | 17.11x | 16.05x | 14.15x | 8.97x | 6.86x | 5.69x | 6.15x | 1.20x | 1.17x | 1.43x | 1.62x | 0.61x | 0.62x | 2.19x | 1.92x | 2.33x |
| Quick Ratio | 11.01x | 17.37x | 12.17x | 7.58x | 8.61x | 10.97x | 15.82x | 20.29x | 14.95x | 9.73x | 13.65x | 13.46x | 32.75x | 15.68x | 15.34x | 14.80x | 13.24x | 10.90x | 5.87x | 4.39x | 3.76x | 4.30x | 0.28x | 0.41x | 0.78x | 0.84x | 0.32x | 0.36x | 1.15x | 0.99x | 0.94x |
| Cash Conversion Cycle | 290.78 | 273.72 | 311.96 | 341.46 | 244.97 | 230.33 | 197.92 | 214.63 | 130.75 | 130.36 | 102.35 | 159.76 | 160.63 | 132.5 | 98.51 | 88.75 | 138.51 | 189.28 | 197.35 | 224.78 | 156.9 | 174.55 | 145.73 | 100.18 | 117.79 | 142.6 | 218.66 | 229.54 | 126.9 | 145.74 | 380.28 |
| Total Non-Current Liabilities | 2.37M | 1.98M | 1.38M | 176K | 6K | 786K | 1.36M | 3.37M | 2.64M | 1.6M | 316K | 0 | 693K | 484K | 974K | 0 | 2.52M | 2.45M | 275K | 6.4M | 6.04M | 16.21M | 9.08M | 11.51M | 27.65M | 37.64M | 6.7M | 6.49M | 97.14M | 92.27M | 76.71M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.7M | 5.32M | 24.34M | 34.33M | 0 | 0 | 89.51M | 86.49M | 73.75M |
| Capital Lease Obligations | 63K | 0 | 0 | 0 | 6K | 392K | 614K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -88.55M | 0 | 0 |
| Deferred Tax Liabilities | 2.37M | 0 | 0 | 0 | 0 | 394K | 746K | 3.37M | 2.64M | 1.6M | 316K | 0 | 693K | 484K | 974K | 0 | 2.52M | 2.45M | 275K | 6.4M | 6.04M | 16.21M | 71K | 2.88M | 0 | 0 | 0 | 0 | 1.88M | 738K | 1.44M |
| Other Non-Current Liabilities | 0 | 1.98M | 1.38M | 176K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.31M | 3.31M | 3.31M | 3.31M | 6.7M | 6.49M | -85.05M | 3.09M | 1.53M |
| Total Liabilities | 17.98M | 10.79M | 11.98M | 14.34M | 12.4M | 12.17M | 9.87M | 9.86M | 11.13M | 13.97M | 8.51M | 7.4M | 3.65M | 6.52M | 6.85M | 5.58M | 8.7M | 9.3M | 11.61M | 20.45M | 17.93M | 26.57M | 27.52M | 28.02M | 56.89M | 67.31M | 147.37M | 156.22M | 145.42M | 141.94M | 106.66M |
| Total Debt | 156K | 339K | 330K | 328K | 396K | 785K | 942K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 786K | 0 | 0 | 0 | 0 | 5.7M | 5.32M | 30.6M | 35.83M | 105.87M | 102.11M | 102.18M | 91.33M | 77.97M |
| Net Debt | -43.31M | -26.25M | -25.15M | -16.7M | -9.19M | -22.45M | -34.64M | -10.3M | -8.01M | -22.93M | -18.22M | -11.15M | -7.19M | -9.56M | -3.36M | -1.72M | -3M | -2.89M | -4.07M | -3.71M | -1.11M | -4.21M | 5.15M | 4.59M | 18.3M | 21.67M | 87.9M | 92.53M | 93.33M | 81.04M | 76.47M |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x | - | - | - | - | - | - | - | - | - | - | 0.01x | - | - | - | - | 0.37x | 0.42x | 5.78x | 15.76x | - | - | 2.79x | 4.31x | 6.29x |
| Debt / EBITDA | 0.01x | 0.02x | 0.02x | 0.02x | 0.06x | 0.24x | 0.13x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.14x | 26.87x | 8.90x | 237.27x | 11.65x | - | 2.61x | 4.03x | 13.14x |
| Net Debt / EBITDA | -2.74x | -1.60x | -1.54x | -1.03x | -1.31x | -6.82x | -4.83x | -0.93x | -0.53x | -2.02x | -1.98x | -18.87x | -5.34x | -2.51x | -2.29x | - | - | - | -0.52x | -0.51x | -0.41x | - | 1.03x | 23.17x | 5.32x | 143.51x | 9.67x | - | 2.38x | 3.58x | 12.88x |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -101.26x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 221.23M | 211.8M | 196.14M | 181.58M | 166.92M | 167.29M | 161.22M | 155.51M | 145.02M | 128.92M | 120.2M | 112.75M | 114.17M | 110.43M | 103.46M | 98.8M | 98.53M | 96.3M | 99.02M | 83.78M | 63.04M | 51.44M | 15.29M | 12.61M | 5.29M | 2.27M | -7.42M | -4.28M | 36.64M | 21.21M | 12.4M |
| Equity Growth % | 30.8% | 7.98% | 8.02% | 8.79% | -0.22% | 3.76% | 3.67% | 7.24% | 12.49% | 7.25% | 6.62% | -1.25% | 3.39% | 6.73% | 4.72% | 0.27% | 2.32% | -2.74% | 18.18% | 32.9% | 22.57% | 236.31% | 21.29% | 138.13% | 132.85% | 130.63% | -73.64% | -111.67% | 72.74% | 71.08% | 28.59% |
| Book Value per Share | 15.14 | 14.45 | 13.38 | 12.39 | 11.39 | 11.36 | 10.95 | 10.57 | 9.85 | 8.78 | 8.28 | 8.06 | 7.94 | 7.73 | 7.25 | 6.92 | 6.90 | 6.68 | 6.88 | 5.77 | 4.24 | 3.60 | 1.06 | 0.95 | 0.39 | 0.17 | -0.56 | -0.33 | 2.95 | 1.52 | 1.16 |
| Total Shareholders' Equity | 221.23M | 211.8M | 196.14M | 181.58M | 166.92M | 167.29M | 161.22M | 155.51M | 145.02M | 128.92M | 120.2M | 112.75M | 114.17M | 110.43M | 103.46M | 98.8M | 98.53M | 96.3M | 99.02M | 83.78M | 63.04M | 51.44M | 15.29M | 12.61M | 5.29M | 2.27M | -7.42M | -4.28M | 36.64M | 21.21M | 12.4M |
| Common Stock | 1.47M | 1.47M | 1.47M | 1.47M | 1.47M | 1.47M | 1.46M | 1.46M | 1.45M | 1.44M | 1.44M | 954K | 952K | 952K | 952K | 952K | 961K | 961K | 961K | 961K | 994K | 1.01M | 897K | 886K | 886K | 886K | 886K | 886K | 883K | 415K | 206.18K |
| Retained Earnings | 207.18M | 197.75M | 182.09M | 167.53M | 152.86M | 153.23M | 147.43M | 141.9M | 131.7M | 116.3M | 107.88M | 100.84M | 102.66M | 99.18M | 92.46M | 87.99M | 87.76M | 84.79M | 87.38M | 72.14M | 53.64M | 42.05M | 10.75M | 8.14M | 883K | -1.19M | -10.11M | -10.9M | 26.67M | 11.8M | 5M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -738K | 0 | 0 | 0 | 0 | -1.7M | -1.7M | -1.7M | -1.7M | -1.7M | -1.7M | -1.7M | -1.7M | 0 | -855.34K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.57M | -18.97M | -17.75M | -17.49M | -18.62M | -19.47M | -18.69M | 0 | 129K | 164K | -1.86M | -1.58M | -6.11M | -5.96M | -6.02M | -6.97M | -7.74M | -3.8M | -396K | -684K | 308.67K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical project cash volatility
As reported in recent financial filings, Gencor's total assets have expanded from $205.7 million in 2024Q1 to $239.2 million by 2026Q2, a trend largely driven by the consistent retention of earnings rather than aggressive asset expansion or debt-fueled growth strategies.
The steady growth in retained earnings, which reached $207.2 million in 2026Q2, suggests a business model that prioritizes internal capital preservation over external expansion. This trajectory indicates a strengthening balance sheet that remains insulated from credit market volatility, though it raises questions regarding the efficiency of capital deployment.
Based on the provided balance sheet data, Gencor maintains a current ratio that peaked at 24.80 in 2025Q3, reflecting a massive cash position of $43.5 million relative to minimal short-term liabilities, which provides an extraordinary buffer against cyclical downturns in the highway construction sector.
The company's liquidity profile is exceptionally conservative, effectively eliminating any near-term solvency risk. While this provides significant downside protection, the persistent maintenance of such high cash balances suggests that management may be struggling to identify accretive investment opportunities that meet their internal return thresholds.
According to historical financial statements, Gencor has maintained a negligible debt load, with total debt consistently below $0.6 million over the last ten quarters, resulting in a debt-to-equity ratio of 0.00 that underscores the company's complete lack of reliance on external leverage.
This debt-free posture is a defining characteristic of Gencor's financial strategy, insulating the firm from interest rate fluctuations that currently pressure its more leveraged infrastructure peers. Investors should interpret this as a strategic choice to prioritize balance sheet optionality, though it may limit the potential for equity-enhancing financial engineering.
As evidenced by the reported figures, equity has grown steadily from $185.9 million in 2024Q1 to $221.2 million in 2026Q2, with the primary driver being the consistent accumulation of retained earnings rather than external capital raises or significant share-based compensation dilution.
The quality of equity appears high, as it is built on organic profitability rather than accounting adjustments or dilutive financing. This structure suggests that shareholders are the primary beneficiaries of the company's long-term earnings, provided that management eventually finds a productive use for the mounting cash reserves.
Quick answers to the most common questions about buying GENC stock.
As of 2025, Gencor Industries, Inc. (GENC) had total assets of $222.6M including $206.5M in current assets.
Gencor Industries, Inc. (GENC) carries total debt of $0.3M, offset by $136.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gencor Industries, Inc. (GENC) has total shareholders' equity (book value) of $211.8M ($14.45 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Gencor Industries, Inc. (GENC) reported a current ratio of 23.44x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.